Telenor ASA (OB:TEL) agreed to acquire 50% stake in Jotta AS from Hawk Infinity Software AS for NOK 360 million on March 19, 2025. The deal will see Hawk Infinity Software sell its Jotta cloud storage business to the joint venture ,with Telenor contributing its Telenor Software Lab unit. Hawk Infinity Software and Telenor will each own 50% of the Joint venture company. The transaction reflects TEV/EBITDA multiple of 16.6x. For the period ending December 31, 2024, Jotta AS reported total revenue of NOK approximately 100 million, EBITDA of NOK 56 million and free cash flow before tax of NOK 27 million.

The transaction is subject to approval by the Norwegian Competition Authority, with completion expected in Q2 2025.